Earning as much rental income as possible is a goal that every Berkeley real estate investor tends to embrace. While the local market will have the largest impact on what you’re able to charge in rent for your property, you can still influence how much you earn. Property condition plays a big role.
Providing a well-maintained property is expected. If you want to attract good tenants and stable rental values, you’ll need to ensure everything is clean and functional.
However, higher rental values arrive when you go beyond the bare minimum. If you can make your rental home really stand out from the competition, you’ll find that you attract better tenants who are willing to pay a bit more to live in your property.
Think about some of the renovations you can make to increase your rental income. You won’t necessarily have to do a complete rehab, but some small, cost-effective upgrades and updates can make a huge difference in what you earn.
Fresh Paint is a Good Start
Fresh paint is a valuable investment when you’re a Berkeley owner renting out a home. If your property has scratched, faded, or chipped paint on any of the walls, do a complete re-paint. Don’t try to touch up a spot or two; panting the entire wall will make it look fresh, new, and clean. While you have the painters in the house, why not give the entire property an upgrade with new paint? It’s not too costly, and it will help your property rent for more money. High quality, new paint will make the home look new and inviting. It will increase your income.
Replace Carpet with Hard Surface Flooring
Floors are also an important renovation that many owners actually overlook. While your carpet might have a lifespan of five to seven years, it doesn’t mean you should keep it for all those years, especially if your property has had pets and a lot of tenant turnover.
You can keep cleaning your carpet, but it’s better to replace it. Even better than that is tearing up the carpet completely. Find a hard surface flooring that’s easier to maintain and more cost-effective for you over time. Tile or hardwoods are great options, but they’re also pricy. A laminate wood surface or even plank vinyl can make a big difference in how your property shows and will allow you to charge a bit more.
Renovate Kitchens and Bathrooms
Good tenants care about kitchens. They’re going to want good lighting and clean hardware. Replacing drawer pulls and faucets won’t cost more than a couple hundred dollars. Check your appliances as well. Instead of repairing old dishwashers and refrigerators, replace them with newer, energy-efficient models.
Bathrooms are important, too. They should look clean and modern. Remove any old, worn, or stained showers and replace flooring that’s peeling or scratched. Installing new hardware like faucets and drawer knobs can give the space a huge and value-added makeover.
Invest in Better Lighting Inside and Outside Your Berkeley Rental Home
Lighting is a big part of an attractive rental property. Make sure there’s adequate exterior lighting so your residents will feel safe in the dark. Be sure exterior doors, walkways, and parking areas are well-lit and easy to see from the street or inside the property.
Inside the home, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Upgraded lighting doesn’t have to be expensive, and it will make your home look good.
We can tell you more about how to increase what you earn on your rental property. Contact us at California Pacific Realty for all your Berkeley property management questions.